CBL Expands Presence in Brazil

CBL & Associates Properties is entering Brazil.

CBL & Associates Properties Inc. today announced it has agreed to partner with a Brazilian company to develop shopping center projects in that South American country.

Chattanooga-based CBL will partner with Tenco Realty in the development and acquisition of shopping center properties in Brazil.

CBL will initially invest $15.3 million to acquire a 60 percent interest in a new retail development in Macaé, Brazil.

The 220,000-square-foot project, Plaza Macaé, is currently under construction with a grand opening scheduled for summer 2008.